That makes HOMEQ’s recent rate cuts all the more notable.
On Friday it slashed its 1-year CHIP rate by 75 basis points to 4.50%. This is a special promo meant to run until May 31.
Three- and five-year CHIP rates also fell, to 5.50% (down 0.15%) and 5.75% (down 0.20%) respectively.
These rate reductions were reportedly inspired by recent improvements in HOMEQ’s GIC funding costs and by competitive pressures from the conventional mortgage market.
Rob McLister, CMT